Financial and Monetary Systems

The impact of population ageing on monetary policy

An ageing population can have a range of negative effects on a country's economic performance. Image: REUTERS

Marcin Bielecki

Senior Economist, Narodowy Bank Polski

Michał Brzoza-Brzezina

Deputy Director, Research Department, Narodowy Bank Polski

Marcin Kolasa

Head of Research, Narodowy Bank Polski


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Financial and Monetary Systems

Figure 1: Demographic trends in the euro area Image: World Bank and Eurostat, EUROPOP projection since 2017.
Figure 2: Macroeconomic effects of ageing. Note: Assets to GDP and capital per hour worked have been normalized to 1 in 1980. Image: World Bank and Eurostat, EUROPOP projection since 2017.

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Figure 3 Probability of ZLB binding and average inflation rate under full information and learning Image: World Bank and Eurostat, EUROPOP projection since 2017.

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Related topics:

Financial and Monetary SystemsEconomic ProgressAgeing and LongevityInequality


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